1984 (7) TMI 215 - AT - Income Tax

Summary

The revenue's appeal against the order granting exemption to the assessee-trust under s. 11 of the IT Act was dismissed by the Appellate Tribunal ITAT MADRAS-D. The Tribunal found that the trust's letting out of property for income did not amount to carrying on a profit activity. The revenue was unable to challenge the finding that the trust was not engaged in any business. The AAC's decision to grant exemption under s. 11 was upheld. (Case: 1984 (7) TMI 215 - ITAT MADRAS-D)